Oil prices edge away from
3-month lows, but mood remains bearish
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Oil
prices edged away from three-month lows on Tuesday, supported by a weaker
dollar, but concerns of ongoing oversupply weighed on markets and many traders
are raising their bets on further price falls. International Brent crude oil
futures were trading at USD 44.80 per barrel at 0134 GMT, up 8 cents from their
last close. US West Texas Intermediate (WTI) crude were at USD 43.16, up just 3
cents per barrel.
Brent hit its lowest level
since May the previous day, while WTI hit its lowest level since April. Traders
said the higher prices were partly a correction after the previous day's sharp
falls, and also reflected a dip in the dollar against other leading currencies
away from March highs.
As oil is
traded in dollars, a cheaper greenback makes fuel imports cheaper for countries
using other currencies, potentially spurring demand.
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